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South Korean Police To Freeze Terra's (LUNA) LFG Funds On Embezzlement Allegations

The Seoul Metropolitan Police are looking to freeze the Luna Foundation Guard’s (LFG) company funds as the Terra LUNA/USD controversy continues to unfold.

What Happened: According to a report from local media outlet Naver, the police’s cybercrime unit said it had requested all South Korean cryptocurrency exchanges to freeze LFG’s accounts in order to prohibit them from withdrawing any funds.

The police said they deemed it necessary to carry out that action on the suspicion that the money had been embezzled.


Since TerraUSD’s UST/USD de-pegging event and LUNA’s collapse, Terra’s founder Do Kwon has been the subject of scrutiny. Last week, reports emerged that he had been ordered to pay $78 million for tax evasion in South Korea, an allegation he later denied, claiming that Terra has no outstanding tax liabilities in the country.

Another report said the ‘Yeouido Grim Reaper’ task force, a special branch of South Korea’s financial crimes unit, had been reinstated to investigate the collapse of the Terra ecosystem.

Price Action: At press time, LUNA was trading at $0.0001626, down 20% over the last 24 hours, as per data from Benzinga Pro.

Bitcoin BTC/USD was trading at $29,200, down 3% in the last day and Ethereum ETH/USD was trading at $1,983, down 2% over the same period.

See Also: Do Kwon Shares Terra (LUNA) Burn Address But Also Says Sending Tokens There Isn’t A Good Idea


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